The FCA has revealed that 50% of authorised firms previously using the Gabriel data reporting system have moved across to the regulator’s new RegData data collection system.

Greater automation of data collection and intervention based on data analysis will become two of the key drivers of the FCA’s regulatory strategy over the next five years, the watchdog said today.

The FCA is to launch a new platform to replace Gabriel, it’s main tool for collecting data from financial adviser firms.